Economics in Asia

Since
the mid 1960s, Pacific Asia has had a remarkable rate of economic growth. This
growth has been sustainable and faster than all other regions of the world (see
fig. 1). This region consists of twenty-three economies but it was just eight
who caused most of this amazing growth. The eight were Hong Kong, the Republic
of Korea, Singapore, Taiwan, China, (the “Four Tigers”) Japan and the newly
industrialised economies (NIEs) of south-east Asia, Indonesia,
Malaysia, and Thailand. The eight high performing Asian economies (HPAEs)
mentioned here will be the focus of this essay. What caused this success in
Pacific Asia? What role did public policies play in engineering this rapid growth?
How was the human and physical capital accumulated?